Urban Edge Properties Acquires Heritage Square Retail Property In Watchung, NJ From Seritage Growth Properties For $34M | 1640 US Route 22 | Retail | Sale

Summary

Sale

NEW JERSEY

Retail

96,000 sqft

Urban Edge Properties has acquired Heritage Square, a retail property located at 1640 US Route 22 in Watchung, New Jersey. The property spans 96,000 square feet and was purchased from Seritage Growth Properties for a total of $34 million. Notable tenants of the retail property include HomeSense, Sierra Trading, and Ulta. The transaction yielded a 7.8 percent capitalization rate for Urban Edge.

Summary of transaction details

Property Type: Retail
Transaction Amount: $34,000,000
Square Footage: 96,000
Property Address: 1640 US Route 22, Watchung, New Jersey
Market: Watchung

Jeffrey S. Olson, representing Urban Edge Properties, acted as the buyer in the transaction. On the other hand, Andrea Olshan, representing Seritage Growth Properties, served as the seller. With this acquisition, Urban Edge Properties adds another valuable asset to its portfolio in the retail sector.

Details

Deal Summary

SOLD

IMAGE: Jeffrey S. Olson & Andrea Olshan DATE: 02/15/2024 ADDRESS: 1640 US Route 22 MARKET: Watchung ASSET TYPE: Retail BUYER: Jeffrey S. Olson - Urban Edge Properties (@UEProperties) SELLER: Andrea Olshan (@Andrea.Olshan) - Seritage Growth Properties SALE PRICE: $34,000,000 SF: 96,000 ~ PPSF: $354 NOTE: Urban Edge Properties purchased Heritage Square, a 96,000-square-foot retail property in Watchung, New Jersey, for $34 million from Seritage Growth Properties, with tenants including HomeSense, Sierra Trading, and Ulta. The acquisition yields a 7.8 percent capitalization rate for Urban Edge.

View on map

Address1640 US Route 22

Comparables

This user does not have deals with the selected filters yet.
Reset filters to show results.